Can The S&P 500 Break Out??
The S&P 500 has broken out to the upper bound of the range, at 4009. After the uncertainty from the Fed was lifted, and we received our 75bps rate hike, stocks were clear to rally. However, as we anticipated, there was little action yesterday, and they are still respecting the range we identified. We made a brief attempt to rally into the vacuum zone above, but momentum quickly faded and we retreated to support around 4009. The Kovach OBV has picked up, so if stocks can break out further, there is a vacuum zone above to 4068. Watch for momentum at open. If it does not come through then we are likely to retrace deeper into the value area between 3909 and 4009, with 3909 an anticipated floor for now.
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